Immediate Repair Reserve (Commercial Real Estate Loan Agreement) | Practical Law
Standard Clauses used to establish a reserve account under a commercial real estate loan. An immediate repair reserve is used to secure the borrower's obligation to make immediate repairs to the mortgaged real property by a stated deadline. These standard clauses describe how immediate repair reserves are funded and disbursed. These Standard Clauses contain integrated notes with important explanations and drafting and negotiating tips for all loan parties.